23 February 2012

OPEL grants additional incentive stock options

OPEL Technologies Inc of Toronto, Ontario, Canada, which makes photovoltaic (PV) panels and solar tracker systems through its subsidiary OPEL Solar Inc and develops III-V semiconductor devices and processes through US affiliate OPEL Defense Integrated Systems (ODIS Inc) of Shelton, CT, has announced the granting of additional incentive stock options.

Certain directors, officers, key consultants and employees can purchase up to an aggregate of 2,280,000 common shares, representing 2.45% of the outstanding voting shares of the firm.

Options granted to company officers represent 44.5% of the total grants, and options to independent members of the board of directors represent 39.5%. The remaining options were granted to key consultants and employees. The stock options are exercisable at a price of CA$0.23 per share (the closing market price on 15 February 2012), expiring 16 February 2022.

There are currently 11,344,000 options outstanding and 93,175,921 voting shares outstanding. There are 511,250 options that have recently expired unexercised and another 1,695,750 out-of-the-money options that will expire from 8 March to 24 May 2012, for a total of 2,207,000 options expired and expiring.

The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter. They were granted subject to provisions of the firm’s stock option plan, which was approved by shareholders in June 2011, and subject to the TSX Venture Exchange policies and the applicable securities laws.

Tags: OPEL CPV

Visit: www.opeltechinc.com